Analysis of high yield issuance for 13 months through September 2010

Columns are amounts in billions of dollars, count of deals and percentage by dollar value.

Yield

	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010
6.99% and lower	0.750	0	0	0	1.283	0	0.925	1.700	0.399	0.110	4.386	3.250	6.214
7%-7.99%	2.572	4.114	1.935	0	3.043	1.097	7.343	9.047	1.650	0	4.042	7.113	14.619
8%-8.99%	4.710	7.220	6.979	3.282	3.844	5.783	15.155	10.897	0.400	2.804	2.428	5.420	5.364
9%-9.99%	4.112	3.730	2.782	7.986	3.181	1.483	6.946	3.685	1.120	2.581	3.797	3.855	5.515
10%-10.99%	1.035	1.756	2.201	4.097	2.243	2.223	2.889	2.119	1.977	0.657	1.573	0.987	3.906
11%-11.99%	2.136	1.835	0.450	0.200	1.647	1.730	1.996	2.221	0.785	0.941	1.037	1.993	0.641
12% and higher	4.413	1.398	4.209	1.983	1.307	1.970	0.845	5.018	0.878	1.258	1.425	0.923	1.000
Floater	0	0	0	0.120	0	0	0	0	0	0	0	0	0
NA	0.647	0	0.240	0	0	1.203	0.523	0	0.068	0	0.205	0	0.156
Total	20.375	20.053	18.795	17.669	16.549	15.489	36.622	34.686	7.276	8.351	18.891	23.542	37.415
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
6.99% and lower	0	0	2.208	4	2.209	5	13.850	23	18.267	32	19.017	33	18.267	32	6.90%
7%-7.99%	6.050	11	11.483	24	10.696	19	25.774	44	47.953	87	56.574	103	54.003	98	20.52%
8%-8.99%	17.482	44	24.782	44	14.101	28	13.212	27	52.095	99	74.287	154	69.577	143	26.94%
9%-9.99%	14.497	31	11.611	28	7.386	20	13.166	30	32.163	78	50.772	118	46.660	109	18.41%
10%-10.99%	8.054	24	7.356	22	4.754	18	6.465	16	18.575	56	27.664	83	26.629	80	10.03%
11%-11.99%	2.485	7	5.373	17	3.947	12	3.671	14	12.992	43	17.613	55	15.477	50	6.39%
12% and higher	7.591	22	4.123	13	7.152	24	3.348	12	14.622	49	26.625	79	22.212	71	9.66%
Floater	0.120	1	0	0	0	0	0	0	0	0	0.120	1	0.120	1	0.04%
NA	0.240	1	1.725	5	0.068	1	0.362	4	2.155	10	3.042	13	2.395	11	1.10%
Total	56.517	141	68.661	157	50.313	127	79.848	170	198.822	454	275.715	639	255.339	595	100.00%
Versus Talk
	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010
Lower	2.438	2.005	0.372	2.006	1.581	1.174	1.739	0.298	0	0	1.654	0.542	4.489
Low end	5.816	6.851	4.747	5.229	5.276	1.905	13.520	15.384	1.238	2.537	7.838	6.149	14.194
Middle	8.778	4.626	10.060	8.690	7.879	7.621	15.362	10.408	4.068	4.127	4.659	7.531	10.310
High end	2.021	3.037	0.896	0.741	0.736	2.156	0.912	3.086	0.733	0.347	0.991	6.331	2.860
Higher	0	0.834	0.857	0.128	0	0.713	0.659	0.449	0.247	0	0	0.954	0.269
NA	1.322	2.700	1.863	0.876	1.077	1.920	4.431	5.061	0.990	1.340	3.749	2.035	5.293
Total	20.375	20.053	18.795	17.669	16.549	15.489	36.622	34.686	7.276	8.351	18.891	23.542	37.415
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Lower	4.383	8	4.494	11	0.298	1	6.685	12	11.477	24	18.298	36	15.860	32	6.64%
Low end	16.827	41	20.700	43	19.159	42	28.181	58	68.040	143	90.683	198	84.867	184	32.89%
Middle	23.376	55	30.862	57	18.602	49	22.501	42	71.966	148	104.119	219	95.342	203	37.76%
High end	4.673	13	3.804	13	4.167	8	10.182	19	18.153	40	24.847	57	22.826	53	9.01%
Higher	1.819	6	1.372	6	0.696	3	1.223	4	3.291	13	5.111	19	5.111	19	1.85%
NA	5.439	18	7.427	27	7.391	24	11.077	35	25.896	86	32.657	110	31.334	104	11.84%
Total	56.517	141	68.661	157	50.313	127	79.848	170	198.822	454	275.715	639	255.339	595	100.00%
Upsized?
	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010
Yes	10.717	7.683	8.610	8.932	10.302	3.203	16.615	9.877	1.725	2.884	5.129	8.179	16.663
No	9.659	12.370	9.997	8.737	5.311	11.526	20.007	23.601	4.981	5.170	12.263	14.946	18.847
Downsized	0	0	0.188	0	0.936	0.761	0	1.209	0.570	0.296	1.499	0.417	1.906
Total	20.375	20.053	18.795	17.669	16.549	15.489	36.622	34.686	7.276	8.351	18.891	23.542	37.415
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	25.225	51	30.120	54	14.486	30	29.970	54	74.576	138	110.518	208	99.801	189	40.08%
No	31.105	89	36.844	99	33.751	91	46.056	107	116.652	297	157.415	411	147.756	386	57.09%
Downsized	0.188	1	1.697	4	2.075	6	3.822	9	7.594	19	7.782	20	7.782	20	2.82%
Total	56.517	141	68.661	157	50.313	127	79.848	170	198.822	454	275.715	639	255.339	595	100.00%
Quick Sale?
	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010
Yes	11.814	7.420	7.819	3.319	8.671	7.414	17.381	16.717	1.566	2.838	9.194	15.962	16.917
No	8.562	12.633	10.976	14.351	7.878	8.075	19.241	17.969	5.709	5.513	9.698	7.580	20.498
Total	20.375	20.053	18.795	17.669	16.549	15.489	36.622	34.686	7.276	8.351	18.891	23.542	37.415
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	18.558	55	33.467	80	21.121	50	42.073	81	96.661	211	127.033	289	115.219	266	46.07%
No	37.959	86	35.194	77	29.191	77	37.775	89	102.161	243	148.682	350	140.120	329	53.93%
Total	56.517	141	68.661	157	50.313	127	79.848	170	198.822	454	275.715	639	255.339	595	100.00%
Seniority
	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010
mortgage	0	0.884	0	0	0	0	0.219	0	0	0	1.320	0	0
senior secured	9.167	5.909	8.055	7.938	7.774	5.217	8.673	9.542	2.181	1.944	5.654	5.187	6.487
secured	0	0	0.113	0	0	0	0.400	0	0	0	0	0	0
senior	10.304	12.367	10.455	9.731	7.663	8.749	25.680	22.817	4.695	6.407	11.167	18.155	29.228
senior subordinated	0.905	0.349	0.172	0	1.112	1.400	1.350	1.330	0.400	0	0.500	0.200	1.700
subordinated	0	0.544	0	0	0	0.123	0.300	0.998	0	0	0.250	0	0
Total	20.375	20.053	18.795	17.669	16.549	15.489	36.622	34.686	7.276	8.351	18.891	23.542	37.415
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
mortgage	0.884	2	0.219	1	0	0	1.320	1	1.539	2	2.423	4	2.423	4	0.88%
senior secured	21.902	51	21.663	49	13.667	42	17.328	39	52.658	130	83.727	198	74.560	181	30.37%
secured	0.113	1	0.400	1	0	0	0	0	0.400	1	0.513	2	0.513	2	0.19%
senior	32.553	82	42.093	95	33.919	77	58.550	122	134.562	294	177.419	400	167.115	376	64.35%
senior subordinated	0.522	3	3.862	9	1.730	5	2.400	7	7.992	21	9.418	27	8.514	24	3.42%
subordinated	0.544	2	0.423	2	0.998	3	0.250	1	1.671	6	2.215	8	2.215	8	0.80%
Total	56.517	141	68.661	157	50.313	127	79.848	170	198.822	454	275.715	639	255.339	595	100.00%
Moody's Rating
	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010
Ba1	0.750	2.633	0.690	0	1.042	0	1.225	1.544	0.399	0.110	2.985	2.419	4.596
Ba2	3.059	1.729	1.829	0.550	1.377	2.343	7.289	2.289	0.697	1.046	1.100	1.742	2.723
Ba3	2.955	0.816	2.055	1.181	1.777	0.810	4.999	4.142	0	2.083	4.969	2.074	4.845
B1	4.234	7.503	3.246	5.286	2.632	3.444	8.734	6.953	2.119	0.455	2.492	5.725	8.240
B2	5.988	2.441	2.708	1.968	1.703	2.087	2.614	6.895	1.459	1.635	2.247	2.273	5.205
B3	0.709	2.760	4.820	5.171	4.362	4.963	6.587	3.146	1.500	2.229	1.882	6.612	5.700
Caa1	2.219	0.725	2.509	0.834	1.055	0.597	2.413	4.397	0.308	0.430	2.167	2.438	2.578
Caa2	0.463	0.410	0.197	0.300	0.191	0.245	1.092	2.350	0.300	0	0	0	1.199
Caa3	0	0	0	0	0.866	0	0	0	0	0	0	0	0
Ca	0	0	0	0	0	0	0	0.741	0	0	0	0	0
NR	0	1.036	0.741	2.380	1.546	1.000	1.670	2.231	0.495	0.363	1.049	0.259	2.330
Total	20.375	20.053	18.795	17.669	16.549	15.489	36.622	34.686	7.276	8.351	18.891	23.542	37.415
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Ba1	3.323	7	2.267	5	2.052	5	10.000	15	14.320	25	18.392	33	17.642	32	6.67%
Ba2	4.108	7	11.009	20	4.032	9	5.564	9	20.606	38	27.772	50	24.714	45	10.07%
Ba3	4.052	12	7.586	13	6.225	13	11.888	21	25.698	47	32.705	68	29.751	59	11.86%
B1	16.034	34	14.809	28	9.527	18	16.458	34	40.793	80	61.062	124	56.828	114	22.15%
B2	7.118	24	6.404	19	9.989	29	9.725	26	26.118	74	39.224	109	33.236	98	14.23%
B3	12.750	30	15.911	41	6.874	24	14.193	29	36.979	94	50.437	126	49.729	124	18.29%
Caa1	4.068	12	4.065	12	5.135	13	7.184	16	16.384	41	22.670	58	20.451	53	8.22%
Caa2	0.907	4	1.528	4	2.650	5	1.199	3	5.376	12	6.746	17	6.284	16	2.45%
Caa3	0	0	0.866	3	0	0	0	0	0.866	3	0.866	3	0.866	3	0.31%
Ca	0	0	0	0	0.741	1	0	0	0.741	1	0.741	1	0.741	1	0.27%
NR	4.158	11	4.216	12	3.088	10	3.638	17	10.941	39	15.098	50	15.098	50	5.48%
Total	56.517	141	68.661	157	50.313	127	79.848	170	198.822	454	275.715	639	255.339	595	100.00%
Use of Proceeds
	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010
Acquisition	0.491	1.707	0.147	0.703	0.095	1.400	7.150	1.195	0.225	1.711	0.585	0.700	4.206
Capex	0	0	0.145	0.443	0	0.262	0.173	0.600	0	0	0	0.710	0
Chapter 11 exit	0	0	0	0	0	0	2.250	0	0	0.363	0	0.452	0.850
Dividend/recap	0.413	0	0	1.449	1.157	0.800	0.221	0	0	0	0	0.750	0
GCP	5.021	3.506	2.379	1.242	3.045	1.509	6.687	5.034	0.510	0	4.749	3.158	5.871
LBO	0	0	1.227	0	0	1.000	0	0.248	0.905	1.732	1.564	0.774	2.375
No proceeds	0.480	0	0	0.206	0	0	0	0	0	0	0	0	0
Redeem notes	4.063	2.093	2.803	0.422	2.365	0.890	5.954	9.689	0.568	1.761	2.295	6.284	10.179
Refinance	2.130	2.476	4.194	3.573	1.770	3.251	1.185	3.201	1.003	1.244	2.746	1.044	2.471
Repay bank debt	6.779	4.302	2.270	4.512	5.039	3.972	10.724	6.751	2.287	0.494	2.479	7.660	8.326
Multiple/Other/NA	0.999	5.969	5.632	5.120	3.077	2.405	2.278	7.969	1.777	1.046	4.473	2.009	3.138
Total	20.375	20.053	18.795	17.669	16.549	15.489	36.622	34.686	7.276	8.351	18.891	23.542	37.415
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	2.557	7	8.645	11	3.131	8	5.491	14	17.266	33	20.314	42	19.823	40	7.37%
Capex	0.587	3	0.435	2	0.600	1	0.710	2	1.745	5	2.333	8	2.333	8	0.85%
Chapter 11 exit	0	0	2.250	1	0.363	2	1.302	2	3.914	5	3.914	5	3.914	5	1.42%
Dividend/recap	1.449	3	2.177	4	0	0	0.750	1	2.927	5	4.789	9	4.376	8	1.74%
GCP	7.126	20	11.242	24	5.544	17	13.778	23	30.564	64	42.711	97	37.690	84	15.49%
LBO	1.227	2	1.000	1	2.885	9	4.713	9	8.598	19	9.825	21	9.825	21	3.56%
No proceeds	0.206	1	0	0	0	0	0	0	0	0	0.686	2	0.206	1	0.25%
Redeem notes	5.318	15	9.209	24	12.018	23	18.759	37	39.985	84	49.367	108	45.303	99	17.91%
Refinance	10.243	28	6.206	16	5.448	14	6.261	15	17.915	45	30.287	78	28.157	73	10.98%
Repay bank debt	11.084	28	19.736	53	9.532	20	18.465	41	47.733	114	65.597	153	58.818	142	23.79%
Multiple/Other/NA	16.721	34	7.761	21	10.793	33	9.620	26	28.174	80	45.893	116	44.894	114	16.65%
Total	56.517	141	68.661	157	50.313	127	79.848	170	198.822	454	275.715	639	255.339	595	100.00%
Industry Sector (by SIC code)
	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010
Agriculture (0xxx)	0.309	0	0	0	0	0	0	0.982	0	0.430	0.690	0	0.204
Mining (1xxx)	0	1.780	0.825	0	0	0	0.199	0.589	0	0.350	0.103	1.797	0
Oil and gas (13xx)	0.987	0.730	1.898	2.309	1.121	1.978	5.406	2.526	0	0.296	1.464	3.983	4.060
Construction (15xx)	0.730	1.262	0	0.246	0.328	0	0	1.507	0.300	0.246	0	0	0
Manufacturing (2xxx, 3xxx)	6.525	7.919	4.079	6.584	5.253	5.739	9.708	12.878	2.928	3.050	6.346	6.495	14.200
Transportation (4xxx)	1.962	1.075	0.850	0.200	1.676	0	1.063	0.570	0.277	0	1.085	1.042	1.382
Communications (48xx)	4.736	2.843	6.041	4.428	2.701	1.250	6.578	5.579	0.225	1.150	1.438	0.466	4.286
Electric, gas, sanitary services (49xx)	0.250	1.239	0.900	0.206	1.290	1.860	0.425	1.000	0.400	0.110	1.091	1.646	3.719
Wholesale (5xxx)	1.924	0.538	1.492	0.874	0.493	0.476	2.974	1.506	1.396	0	0.787	1.099	2.111
Finance, insurance, real estate (6xxx)	0.946	0.544	0.588	1.266	1.930	3.187	3.264	3.779	0.576	0.464	2.496	3.585	2.919
Services (7xxx)	2.008	1.875	1.649	1.041	1.756	1.000	4.934	2.734	0.968	1.305	3.115	2.503	1.990
Health services (8xxx)	0	0.246	0.473	0.514	0	0	2.072	1.036	0.206	0.949	0.275	0.925	2.543
Total	20.375	20.053	18.795	17.669	16.549	15.489	36.622	34.686	7.276	8.351	18.891	23.542	37.415
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0	0	0	0	1.412	5	0.895	2	2.306	7	2.615	8	2.306	7	0.95%
Mining (1xxx)	2.606	7	0.199	1	0.939	4	1.901	5	3.039	10	5.644	17	5.644	17	2.05%
Oil and gas (13xx)	4.938	13	8.505	16	2.823	6	9.507	18	20.834	40	26.758	56	25.771	53	9.70%
Construction (15xx)	1.508	3	0.328	2	2.053	8	0	0	2.381	10	4.619	16	3.889	13	1.68%
Manufacturing (2xxx, 3xxx)	18.582	49	20.700	56	18.856	35	27.041	56	66.598	147	91.705	207	85.180	196	33.26%
Transportation (4xxx)	2.125	7	2.739	8	0.847	3	3.509	7	7.094	18	11.181	29	9.219	25	4.06%
Communications (48xx)	13.311	21	10.529	17	6.954	15	6.191	12	23.674	44	41.721	74	36.985	65	15.13%
Electric, gas, sanitary services (49xx)	2.345	4	3.575	8	1.510	3	6.456	10	11.541	21	14.136	27	13.886	25	5.13%
Wholesale (5xxx)	2.905	8	3.943	14	2.902	11	3.997	10	10.842	35	15.670	47	13.747	43	5.68%
Finance, insurance, real estate (6xxx)	2.399	7	8.382	16	4.820	15	9.000	21	22.202	52	25.547	62	24.601	59	9.27%
Services (7xxx)	4.565	18	7.690	15	5.006	15	7.608	19	20.305	49	26.878	71	24.870	67	9.75%
Health services (8xxx)	1.234	4	2.072	4	2.191	7	3.743	10	8.006	21	9.240	25	9.240	25	3.35%
Total	56.517	141	68.661	157	50.313	127	79.848	170	198.822	454	275.715	639	255.339	595	100.00%

Criteria

• The tables include all underwritten dollar-denominated offerings sold in the U.S. as public or Rule 144A deals reported to Prospect News.

• Offerings are included in the time period in which they price.

• Issues maturing in 397 days or less are excluded.

• Convertibles, trust preferreds, capital securities and preferred stock are excluded.

• Fixed-rate medium-term notes with a face value above $100 million are included. All other MTNs are excluded.

• Deals rated investment-grade by either Standard & Poor's or Moody's Investors Service are excluded but deals not rated by both are included.

• Amounts are based on the total sales price (face amount multiplied by the offering price

• Units made up of a bond and a warrant are included; other units are excluded.

• Sovereign issues are excluded.

• Each tranche is counted as a separate deal.

• Passthroughs, collateral trust and equipment trust certificates are included.

• Best efforts and non-underwritten deals are excluded as are remarketings.

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